Two-Story Medical Office
For Sale
$2,304,147
313 West Drake Road, Fort Collins, CO 80526
Renovated medical office property with elevator service, flexible layouts, and substantial on-site parking.
Property Size12,209 SF
Lot Size1.01 Acres
Price / SF$188.73
Days on Market40
Property Features for 313 West Drake Road
General Information
Standard status
Active
Size
12,209 SF
Elevators
Yes
Lot size
1.01 Acres
Property subtype
Healthcare
Occupancy
50%
Additional Details
Road Access
Yes
Building Details
Year Renovated
2014
Buildings
1
Stories
2
Building Size
12,209 SF
Parking Ratio
6.5 per 1,000 SF
Owner Occupied
No
Listing Agency:
Resolute Inc
(970) 372-3846
Listed By:
Pete Kelly · License #ER100067283
(970) 372-3846
Source:
Cbre
Added: Jul 22
Changed: Aug 29
Last Checked: Jun 3 at 12:50PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Resolute Inc
Investment Insights
Based on property information with market context.
This 12,209 SF medical office building occupies approximately 1.01 acres at 313 W Drake Rd in Fort Collins. Built in 1974 and renovated in 2014, the two-story property includes elevator access, medical-office configurations, and approximately 6.5 parking spaces per 1,000 SF. Zoning is E.
The building sits at the signalized intersection of West Drake Road and Redwing Road, with direct Drake Road exposure and access to on-site parking. The property is approximately 50% leased, allowing a purchaser to use roughly 6,000 SF while retaining existing tenancy. The remaining space may also support additional medical, healthcare, behavioral health, veterinary, or professional office occupancy, as identified in the property information. Colorado State University, Old Town, and surrounding retail and service amenities are nearby.
The building sits at the signalized intersection of West Drake Road and Redwing Road, with direct Drake Road exposure and access to on-site parking. The property is approximately 50% leased, allowing a purchaser to use roughly 6,000 SF while retaining existing tenancy. The remaining space may also support additional medical, healthcare, behavioral health, veterinary, or professional office occupancy, as identified in the property information. Colorado State University, Old Town, and surrounding retail and service amenities are nearby.
Key Highlights
- 12,209 SF two‑story medical office building on approximately 1.01 acres
- Signalized corner at West Drake Road and Redwing Road with direct Drake Road exposure
- Approximately 50% leased, with roughly 6,000 SF available for owner occupancy
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$171,322
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.44%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,426,440
$3.4M
Cap Rate 7%
$2,447,457
$2.4M
Cap Rate 9%
$1,903,578
$1.9M
Market Conditions
NOI Build-Up for 12,209 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$268.1K $21.96/SF
− Vacancy
−$39.7K −$3.25/SF
EGI
$228.4K $18.71/SF
− OpEx
−$57.1K −$4.68/SF
NOI
$171.3K $14.03/SF
Area
Fort Collins, CO
Vacancy
14.80%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,426,440
Cap Rate 7%
$2,447,457
Cap Rate 9%
$1,903,578
Alternative Uses
Best Use
Office B
$2.45M
$2.14M – $2.86M
NOI $171,322 @ 7.0% cap · market cap 7.44%
Second Best
Healthcare Medical
$2.43M
$2.12M – $2.83M
NOI $169,832 @ 7.0% cap · market cap 7.37%
Theoretical Best
Office A
$3.18M
$2.78M – $3.71M
NOI $222,546 @ 7.0% cap · market cap 9.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
50%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,798
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 80526, CO
45,624
Population
19,463
Households
2.3
Avg Household Size
35
Median Age
57%
College-Educated
98%
High-School Grad
32.0 sq mi
ZIP Area
1,426
Density / Sq Mi
$89,098
Median Household Income
$42,496
Median Earnings
$1,641
Median Rent
$520,500
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Williams Elayne DVM — 344 E Foothills Pkwy # 22E, Fort Collins, CO 80525
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- Campus West Vets — 2737 S Shields St, Fort Collins, CO 80526
- Dr. Julia Donnelly - Aspen Grove Veterinary Care — 2633 S College Ave, Fort Collins, CO 80525
- Dr. Sherry Schubert - Aspen Grove Veterinary Care — 2633 S College Ave, Fort Collins, CO 80525, United States
Frequently Asked Questions
What type of property is this?
Medical Office Space - Renovated medical office property with elevator service, flexible layouts, and substantial on-site parking.
Where is this medical office space located?
The property is located at 313 West Drake Road Fort Collins, CO.
What is the asking price?
The asking price for this property is $2,304,147.
What are key features of this property?
This property features: 12,209 SF two‑story medical office building on approximately 1.01 acres; Signalized corner at West Drake Road and Redwing Road with direct Drake Road exposure; Approximately 50% leased, with roughly 6,000 SF available for owner occupancy
